SUUTI to sell equity shares in Axis Bank via OFS

State-owned Specified Undertaking of the Unit Trust of India (SUUTI) has proposed to sell up to 3.60 crore Equity Shares of AXIS Bank Ltd at a floor price of Rs 680 per share.

The private bank in a regulatory filing at BSE, said, "SUUTI has proposed to sell 36,000,000 Equity Shares of AXIS Bank Ltd ("the Bank") representing up to 1.21 per cent of the total issued and paid-up equity share capital of the Bank as on March 31, 2021, excluding Equity shares underlying depository receipts) ("Base Offer Size") through the Offer for Sale (OFS) route on May 19, 2021, and May 20, 2021."

SUUTI also has an option to additionally sell about 2.20 lakh equity shares, representing 0.74 per cent of the total issued subscribed and fully paid-up equity share capital of the Bank as of March 31, 2021, in the event that the Oversubscription Option is exercised. The Oversubscription Option will represent 1.95% of outstanding Equity Shares of the Company as of March 31, 2021, excluding Equity shares underlying depository receipts, i.e. 58,078,568 Equity Shares,

The OFS will open today, i.e. Wednesday, May 19, 2021, for the non-retail investors only and on Thursday for the Retail Investors and for non-Retail Investors, including those who choose to carry forward their un-allocated bids.

The Offer shall take place on a separate window of the Stock Exchanges on May 19, 2021("T" day) and May 20, 2021("T+1" day), from 9:15 a.m. to 3:30 p.m. (Indian Standard Time) on both days.

Only non-Retail Investors shall be allowed to place their bids on T day, i.e., May 19, 2021. While placing their bids, non-Retail Investors may indicate their willingness to carry forward their un-allocated bids to T+1 day for allocation to them in the unsubscribed portion of the Retail Category.

The Offer shall take place during trading hours on a separate window of the Stock Exchanges on T day, i.e., May 19, 2021, commencing at 9:15 a.m. and shall close at 3:30 p.m. Indian Standard Time on the same date.

Those non-Retail Investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to carry forward and also revise their bids on T+1 day as per the OFS Guidelines.

For Retail Investors and for non-Retail Investors who choose to carry forward their un-allocated bids from T Day to T+1 Day.

The Offer shall continue to take place during trading hours on a separate window of the Stock Exchanges on T+1 day, i.e., May 20, 2021, commencing at 9:15 a.m. and shall close on the same date at 3:30 p.m. Indian Standard Time on the same date.

As of March 31, 2021, SUUTI holds a 3.45 per cent stake in Axis Bank. The main brokers on behalf of SUUTI include ICICI Securities Limited, Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited. ICICI Securities Limited will be acting as the Settlement Broker on behalf of the Seller's Brokers.